Musk's X hires crypto design lead as X Money nears launch

X has hired Benji Taylor as head of design as Elon Musk’s platform moves toward adding payments and financial services.

Taylor, who announced the role in a social post, previously founded Los Feliz Engineering, which built the self-custody cryptocurrency wallet Family that Aave Labs acquired in 2023.

After the acquisition, Taylor served as Aave Labs’ chief product officer until October 2025, and most recently led design at Base, Coinbase’s Ethereum-based blockchain network.

Musk has said X Money is set to launch in April in more than 40 US states with peer-to-peer transfers, bank deposits, a debit card, and cashback rewards, but he has not described any cryptocurrency or blockchain features.

🔗 Source: CoinDesk

🧠 Food for thought

Implications, context, and why it matters.

X Money leads with a roughly 6% yield instead of crypto

X hired a head of design with deep crypto experience, yet the beta pitch centers on an advertised ~6% APY (annual percentage yield) on cash balances 1.
That return tops many high-yield savings accounts, which often sit near 4.00% APY 1.
Deposits do not sit at X. Cross River Bank holds the funds and provides Federal Deposit Insurance Corp. (FDIC) insurance up to $250,000 per person 1.
Visa also supports account funding, which ties X Money to familiar payment networks from the start 2.

Musk relies on standard banking infrastructure and avoids crypto rules for now

Regulators may struggle to place X Money into a clear box under current frameworks.
Using a bank partner for an insured, yield-bearing product lets X offer deposit-like returns that proposed stablecoin legislation debates for non-bank platforms 2.
This approach supports Musk’s “Everything App” ambition, meant to mirror China’s WeChat (a messaging app that also offers integrated payments and other services) 3.
X can pull in a large user base with a simple money product, then expand later. Musk has said the first X Money release includes no crypto or blockchain elements 4.